Idemitsu Petroleum Norge AS (IPN) is pleased to confirm that on 2 October 2020, a sale and purchase agreement was signed with Lundin Energy Norway AS under which IPN agrees to divest half of its Barents Sea portfolio to Lundin subject to the approval of its parent company, Idemitsu Kosan Co.,Ltd. and the Norwegian authorities.
The board of Idemitsu Kosan Co.,Ltd. has today approved the transaction.
Futoshi Tsuneyama, Managing Director of IPN commented: “This transaction is in line with our long-term business strategy and provides significant partner alignment between the two most prolific areas of the Barents Sea, in which IPN remains a partner.”